Australian Pharmaceutical Industries (API)

Australian Pharmaceutical Industries
shares have suffered as the sluggish retail environment, regulatory reform and the recent Queensland floods weighed on sales. The stock has tumbled almost 50 per cent from a 12-month high of 55.5¢ reached on October 11, and is down about 30 per cent for the year so far. Broker UBS believes API may come under pressure to sell health and beauty chain Priceline. But Washington H Soul Pattinson, which has a 24.6 per cent stake in API, and other major shareholders, were keen to keep the company’s crown jewel as a key driver of growth. API has moved to counter speculation it was under pressure to sell Priceline, and said it had received no approaches from potential buyers. Priceline was planning to launch an online store early next year to tap into the $100 million Australians spend on cosmetics, perfume and hair and skincare products on the web.